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Illinois
Corporate Name Endings
- The name shall contain the word "Corporation," "Company," "Incorporated,"
"Limited," or an abbreviation thereof. The name shall not contain any word or phrase
indicating or implying it is organized to conduct the business of insurance,
assurance, indemnity, acceptance of savings deposit, banking, or corporate
fiduciary. The name shall be distinguishable from the name of any domestic
or foreign corporation authorized to transact business or a name exclusive
right to which is, at the time, reserved or registered.
Corporation Requirements
- Director Information
- Minimum Number - One or more.
- Residence Requirements - No provision.
- Age Requirements - None.
- Directors are not required to be listed in the articles of incorporation.
- Officer Information
- Officers are not required to be listed in the articles of incorporation.
- Stock Information
- An increase in shares may cause an increase in initial filing fees.
- Corporate Records
- The corporation must keep a record of shareholders at its registered
office or principal place of business within the state.
Taxes and Fees
- Annual Statements
- The annual franchise tax is computed by multiplying your
corporation's paid-in capital by the franchise tax rate of 0.1%. The minimum tax
is $75.
- An annual
report form must be filed each year within 60 days immediately preceding
the first day of the anniversary month of incorporating (or in the
case of a corporation that has established an extended filing month,
the extended filing month of the corporation each year). The filing
fee is $25.
- Income Tax Rate
- The income
tax rate is 4.8% of the corporation's net income.
- In addition,
Illinois assesses a personal property replacement tax based on net
income (2.5% for corporations, 1.5% for S corporations and all other
incorporated entities) on all businesses.
- S Corporations
- S Corporation status is recognized by the State of Illinois,
however, S corporations are subject to Illinois' personal property replacement
income tax of 1.5%. A separate state election from the federal election is
not required.
- License Requirements
- Illinois requires
many businesses to obtain a license and pay a fee if operating in
the state. Please check with the state to make sure your business
is complying with the license requirements for your particular profession.
For more information on taxes, visit:
http://www.revenue.state.il.us/.
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